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Yes, the PERS pre-tax employee pension contribution rate will increase from 5.5% to 6.5% of the contractual base salary. The increase will become effective the first payroll in October 2011. The employee pre-tax pension contribution rate will have additional increases over a seven year period until the employee contribution rate is 7.5% of the base contractual salary.
The law modified the retirement age and the pension formula for PERS members in Tier 5 (members enrolled in PERS on or after June 28, 2011). The retirement age and pension formulas have not been modified for the previous membership Tiers (Tiers 1, 2, 3 and 4)
The retirement age for both a Service or Deferred retirement for Tier 5 members is 65. The retirement age for members enrolled in the PERS plan prior to June 28, 2011 has not changed.